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SBA Re-Opens Paycheck Protection Program

January 15, 2021

The SBA is re-opening the Paycheck Protection Program (PPP) to small lenders today (Friday, Jan. 15) and to all lenders Tuesday, Jan. 19. Read the details.

The SBA says it has already forgiven more than 1.1 million PPP loans totaling more than $100 billion. 1/15/2021

New Forms Available for Second Round of PPP

January 15, 2021

Late last week, the SBA issued forms for the second round of the PPP. Form 2483 is for first-time PPP borrowers; Form 2483-SD is for second-time borrowers. For details, read this summary from OMA Connections Partner GBQ Partners, which has also made available this on-demand webinar to discuss the latest version of the PPP. 1/13/2021

SBA Issues New Guidance Regarding PPP Loans, Forgiveness

January 15, 2021

The SBA and the U.S. Department of the Treasury have published new rules to address the second round of the Paycheck Protection Program (PPP).

This summary from OMA Connections Partner Calfee provides insight on how the rules impact PPP eligibility, forgivable expenses, and loan amounts. 1/14/2021

Tax Foundation: Plan to Raise Taxes on Corporations, Shareholders Would Harm U.S. Competitiveness

January 15, 2021

President-elect Joe Biden has proposed raising taxes on U.S. corporations — something that’s a stronger possibility now that Democrats have won control of the Senate. The Biden plan would increase the statutory federal corporate income tax rate from 21% to 28%, while taxing long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6% on income above $1 million, thereby exacerbating the double taxation of corporate income.

This week, the Tax Foundation published this analysis that says if both proposals become reality, the top integrated tax rate on distributed dividends would increase from 47.47% to 62.73%, which would be the highest among the OECD countries and “undercut American economic competitiveness.” 1/14/2021

Ohio’s State-Local Sales Tax Burden is 20th Highest

January 8, 2021

An updated comparison by the Tax Foundation shows Ohio’s average combined state and local sales tax rate of 7.23% is 20th highest in the nation — and higher than any of its neighboring states. Ohio’s state sales tax rate is 5.75%, which is 27th highest. The state’s average local sales tax rate is 1.48%. 1/6/2021

At a Glance: New Tax Relief in Federal Law

January 8, 2021

On Dec. 27, President Donald Trump signed the Consolidated Appropriations Act. Within its 5,593 pages are several credits and other tax relief provisions for taxpayers affected by the pandemic, including:

  • a deferral of employees’ share of payroll taxes;
  • tax benefits arising from PPP loans; and
  • an extension of refundable credits for paid sick and family leave.

OMA Connections Partner Roetzel has provided this brief summary of key tax provisions directly relating to COVID-19 tax relief. 1/4/2021

Start Preparing for New Round of PPP

January 8, 2021

The newly passed federal COVID-19 relief law brings new opportunities for businesses to address cash flow, including via another round of the Paycheck Protection Program (PPP). In this guidance, OMA Connections Partner CliftonLarsonAllen advises that if you believe you may be eligible for the new round of the PPP, contact your banker soon to express your interest. Applications will likely be available in mid-January.

Meanwhile, OMA Connections Partner Schneider Downs has provided this summary of the new law’s PPP provisions. 1/6/2020